Even if the GOP gains a chamber in the upcoming federal elections, chances are the Dodd-Frank legislation will not be changed in any substantive way, according to the top lobbyist for the Mortgage Bankers Association.
Speaking at the trade group's convention, Bill Killmer, senior vice president of legislative affairs, said if Republicans take the House they will be unable to change the bill, but will exercise vigorous oversight over the rule making process.
Congress knows there is a need for technical corrections to Dodd-Frank, he said, but the industry should not view this as a panacea.
As for the future of Fannie Mae and Freddie Mac, he believes their resolution may not come until after the 2012 presidential election.
During a press conference at the convention, MBA president and CEO John Courson said if there is a technical correction to Dodd-Frank, areas that should be addressed are risk retention and the issue of ‘ability to repay.'
The MBA chief said underwriting standards should not be "emblazoned" in the law or in the rulemaking process. The government should not shut off lenders' ability to offer products, Courson cautioned.
